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Although the title has yet to be confirmed, it is most likely to be Grand Theft Auto V (or Grand Theft Auto 5). In the past, some titles have taken the form of Grand Theft Auto followed by the name of the setting (e.g. Grand Theft Auto: Vice City and Grand Theft Auto: San Andreas) but that was because Vice City and San Andreas formed a trilogy with GTA III, and thus they were essentially expansions of the GTA III story. Former CEO of Rockstar Games Terry Donovan admitted this was the plan from the beginning:

It was really important for us to do this trilogy. A fictional New York in a contemporary setting, Miami in the '80s, and a '90s Cali - that was the trilogy. That was the plan from a long time ago.

Terry Donovan (Former R* CEO) talking to Game Informer

There has been no indication that GTA IV will form a new trilogy with its successor(s). Referring to the issue, Rockstar's Dan Houser told the Official PlayStation Magazine in 2007 (about a year before GTA IV was released) that Rockstar had yet to make up their minds, stating that: "To be honest with you, we haven't yet figured out if this [GTA IV] is going to be leading onto another bunch of games or not. We are just focusing on this at the moment."
Estimated Release Date

Rockstar North has been busy with several projects in 2010. They made a large contribution to Red Dead Redemption, and they're also working on a new PS3 title called Agent. Since Agent has been announced and GTA V has not, one would assume that Agent is Rockstar's priority right now. We should therefore get a clearer idea of when to expect GTA V once the release date for Agent is announced. GTA V should be released no later than 2012.
Platforms

It is likely that GTA V will be developed and released simultaneously for Xbox 360 and PlayStation 3. The PC version will arrive 7-8 months after the console release, as has been the case in the past.
Setting

The biggest question, as always, is where will the game be set? It could be somewhere that has featured previously in the series or it could be somewhere completely different - the only thing we know for sure is it won't be Liberty City. Most fans believe it will be Vice City, but might this be too obvious a prediction? After all, only 4% of our visitors correctly predicted that GTA IV would be set in Liberty City!
When asked if Rockstar had ever considered setting a GTA game outside the US, Dan Houser responded:

Yes we have, we just haven't ever made that maneuver. I would have a certain confidence of maybe doing it in England, but anywhere else I wouldn't really know what was going on. The guys who make that kind of stuff on the team may not necessarily know where to begin. I'm sure that there are lots of interesting things to talk about in Russia or China or Japan about that aspect of society [consumerism] but I wouldn't know what they were and so we feel it wouldn't necessarily be GTA.

Dan Houser in Official PlayStation Magazine Australia

Where do you think GTA 5 will be set?


Atlanta, GeorgiaAtlantic City, New JerseyBaltimore, MarylandBoston, MassachusettsChicago, IllinoisCleveland, OhioDallas, TexasDetroit, MichiganHonolulu, HawaiiHouston, TexasLas Vegas, Nevada (Las Venturas)London, EnglandLos Angeles, California (Los Santos)Miami, Florida (Vice City)New Orleans, LouisianaParis, FrancePhiladelphia, PennsylvaniaPhoenix, ArizonaRome, ItalySan AndreasSan Antonio, TexasSan Diego, CaliforniaSan Francisco, California (San Fierro)Seattle, WashingtonSt. Louis, MissouriTokyo, JapanToronto, CanadaWashington D.C.None of the above

Discussion

You can discuss your ideas for the next Grand Theft Auto at GTAForums.com. GTAForums has existed since 2001 and has established a community of more than 350,000 GTA fans. Here are some of the current popular threads on our Grand Theft Auto 5 forum:

Topic TitleDescriptionEverything that needs to be fixed with vehiclesA thread suggesting ways to improve GTA IV's vehicle and traffic system.GTA 5 Multiplayer/OnlineSuggestions for improving the online experience. What new modes would you like to see?Full Car ModificationShould GTA 5 feature the ability to customise your vehicle?AviationIn GTA 4 you could fly helicopters, but not planes. What about GTA V?GTA 5 Weapons TopicWould you like to see a wider range of weapons in the next GTA?Animals and children - why not?A thread discussing the controversial subject of animals and children in the series.The IV generation is not over!Will the next GTA be an extension of the GTA 4 world or will it be its own game?